Prof. Emmanuel Osodeke, the former president of the Academic Staff Union of Universities (ASUU), has said that more than ₦600 billion in unused Tertiary Education Trust Fund (TETFund) money for schools is sitting in the Central Bank of Nigeria (CBN).
Osodeke spoke at the 2025 TETFund Board of Trustees National Town Hall Meeting in Abuja and called on the federal government to punish heads of institutions who don’t use the money they were given for intervention, according to The Guardian.
He said that this kind of carelessness goes against TETFund’s mission to strengthen the infrastructure for teaching, learning, and research at universities, polytechnics, and institutions of education.
“There is a lot of money in the Central Bank that belongs to institutions but has not been used.” When we last looked, it was close to ₦600 billion. He remarked, “None of the universities or Vice Chancellors in charge of this have been punished.”
“This is money from the government that has been granted to colleges over the years. Some people have received the money for 10 to 15 years without spending it, and a number of initiatives have been dropped. He went on to say, “Steps must be taken to make sure that university administrators and governing councils are held accountable.”
Osodeke also said he was worried about the new Development Levy in Nigeria’s Tax Act. He said it would cut TETFund’s earnings from 3 percent to 2 percent.
Starting on January 1, 2026, there will be a new 4 percent Development Levy on taxable profits. This will replace other sectoral taxes, including the Tertiary Education Tax, the NASENI Levy, the IT Levy, and the Police Trust Fund Levy.
“Whether we like it or not, TETFund will get less money.” The new Development Levy will lower its contribution from 3% to 2%. Osodeke said, “This means fewer resources for educational development, and we shouldn’t accept that.”
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